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At a CAGR of 6.6% between 2022 and 2030, the electrical steel market is projected to be worth $8.31 billion by the end of that time frame. As a result of its widespread application in the automotive sector, rising consumer demand for affordable automobiles, particularly electric and hybrid vehicles, is now driving the North American electrical steel market. In addition, demand for transformers in the utility sector is on the rise due to the growing emphasis on energy efficiency.
Transformer steel, silicon electrical steel, and lamination steel are various names for the same iron alloy known as electrical steel. Their electrical characteristics are enhanced in comparison to those of traditional soft magnetic materials. It finds application in a wide range of fields, from electromagnetics and motors to generators and solenoids to relays. Market growth over the projected period is anticipated to be driven by factors such as rising power generation in the region, rising awareness of renewable energy sources, and rising demand for electric vehicles. Growth in the regional market is being fueled by rising demand brought on by improvements in electricity generation and distribution infrastructure. Moreover, motors are frequently used in EVs, and the shifting trend towards electrically powered cars is raising demand for motors while simultaneously speeding up the use of electrical steel.
The Electrical Steel Market is broken down in this study into its constituent parts, with projections of future revenue and analyses of current trends for each section. The study examines the market for electrical steel and the factors that are driving it, as well as the opportunities and threats that exist in this industry. Recent market changes and competitive strategies have been incorporated into the illustration of the competitive landscape in the market, including growth, product launch and development, collaboration, merger, and acquisition. Each subsegment of the Electrical Steel Market is broken down, and the report's authors identify and profile the leading companies in each one.
Motivating Elements
The United States has a monopoly on the North American market for increased investment in energy firms and the electric vehicle (EV) industry. Substantial investments in power generation and infrastructure are required to meet the rising demand for electricity. Motors, generators, and transformers are the most frequent types of machinery in this field. Therefore, the need for electrical steel in the production of generators and motors grows in tandem with an increase in power output. Market expansion might also be anticipated from a regulatory policy that is friendly to electric vehicles. Investments in the production of cleaner materials like steel, aluminium, and concrete, which may be used to build green infrastructure, are only one example of recent US government actions to support the growth and competitiveness of the American manufacturing industry. The electrical steel market in North America is poised for rapid expansion because to government support and pending legislation.
Limiting Circumstances
However, the manufacturing and processing of electrical steel are significantly impacted by the very unpredictable pricing of raw materials. Because the manufacture and refinement of steel goods, especially electrical steel, depends on a steady supply of raw materials, which might be difficult to guarantee. Aside from iron ore and coal, steel also needs industrial gases, silicon, and ferroalloys.
Grain-oriented electrical steel and non-grain-oriented electrical steel are the two main submarkets in the Electrical Steel Market. The non-grain-oriented electrical steel market segment is projected to account for 75.3% of total revenues during the study period. It's an iron-silicon alloy with nearly similar magnetic properties in all directions. Its alloy content ranges from relatively low (depending on the core loss requirement) to somewhat high. It's utilised to make things like electric appliances, office machinery, and stabilisers with exceptional magnetic qualities. The Electrical Steel Market is broken down into submarkets for transformers, motors, inductors, and other applications. The transformers market sector is expected to bring in 46.2% of total revenues throughout the forecast period. The fundamental driver behind this trend is the rising need for electrical steel in the generation, transmission, and distribution of electrical energy. Transformers are being used at a faster pace due to increased investment in grid expansion, which is likely to enhance the market over the forecast period.
Report Coverage
Global Electrical Steel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electrical Steel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electrical Steel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electrical Steel market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electrical Steel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electrical Steel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ArcelorMittal, ATI, Cleveland-Cliffs Inc., LIBERTY Steel Group, Steel Dynamics, Arnold Magnetic Technologies, Continental Steel & Tube Co., Posco America, JFE Steel America, Inc., Klein Steel Service, Tata Steel Minerals Canada Ltd., Cleveland-Cliffs, Inc., Kobe Steel USA Inc., LSI Steel Lamination Specialties, Sumitomo Canada Limited, Union Electric Steel Corporation, and United States Steel Corporation
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Electrical Steel market based on the below-mentioned segments:
Global Electrical Steel Market, By Product
Grain-Oriented Electrical Steel
Non-Grain-Oriented Electrical Steel
Global Electrical Steel market, By Application
Transformers
Motors
Inductors
Others
Global Electrical Steel market, Regional Analysis
Transformer steel, silicon electrical steel, and lamination steel are various names for the same iron alloy known as electrical steel. Their electrical characteristics are enhanced in comparison to those of traditional soft magnetic materials. It finds application in a wide range of fields, from electromagnetics and motors to generators and solenoids to relays. Market growth over the projected period is anticipated to be driven by factors such as rising power generation in the region, rising awareness of renewable energy sources, and rising demand for electric vehicles. Growth in the regional market is being fueled by rising demand brought on by improvements in electricity generation and distribution infrastructure. Moreover, motors are frequently used in EVs, and the shifting trend towards electrically powered cars is raising demand for motors while simultaneously speeding up the use of electrical steel.
The Electrical Steel Market is broken down in this study into its constituent parts, with projections of future revenue and analyses of current trends for each section. The study examines the market for electrical steel and the factors that are driving it, as well as the opportunities and threats that exist in this industry. Recent market changes and competitive strategies have been incorporated into the illustration of the competitive landscape in the market, including growth, product launch and development, collaboration, merger, and acquisition. Each subsegment of the Electrical Steel Market is broken down, and the report's authors identify and profile the leading companies in each one.
Motivating Elements
The United States has a monopoly on the North American market for increased investment in energy firms and the electric vehicle (EV) industry. Substantial investments in power generation and infrastructure are required to meet the rising demand for electricity. Motors, generators, and transformers are the most frequent types of machinery in this field. Therefore, the need for electrical steel in the production of generators and motors grows in tandem with an increase in power output. Market expansion might also be anticipated from a regulatory policy that is friendly to electric vehicles. Investments in the production of cleaner materials like steel, aluminium, and concrete, which may be used to build green infrastructure, are only one example of recent US government actions to support the growth and competitiveness of the American manufacturing industry. The electrical steel market in North America is poised for rapid expansion because to government support and pending legislation.
Limiting Circumstances
However, the manufacturing and processing of electrical steel are significantly impacted by the very unpredictable pricing of raw materials. Because the manufacture and refinement of steel goods, especially electrical steel, depends on a steady supply of raw materials, which might be difficult to guarantee. Aside from iron ore and coal, steel also needs industrial gases, silicon, and ferroalloys.
Grain-oriented electrical steel and non-grain-oriented electrical steel are the two main submarkets in the Electrical Steel Market. The non-grain-oriented electrical steel market segment is projected to account for 75.3% of total revenues during the study period. It's an iron-silicon alloy with nearly similar magnetic properties in all directions. Its alloy content ranges from relatively low (depending on the core loss requirement) to somewhat high. It's utilised to make things like electric appliances, office machinery, and stabilisers with exceptional magnetic qualities. The Electrical Steel Market is broken down into submarkets for transformers, motors, inductors, and other applications. The transformers market sector is expected to bring in 46.2% of total revenues throughout the forecast period. The fundamental driver behind this trend is the rising need for electrical steel in the generation, transmission, and distribution of electrical energy. Transformers are being used at a faster pace due to increased investment in grid expansion, which is likely to enhance the market over the forecast period.
Report Coverage
Global Electrical Steel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electrical Steel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electrical Steel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electrical Steel market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ArcelorMittal, ATI, Cleveland-Cliffs Inc., LIBERTY Steel Group, Steel Dynamics, Arnold Magnetic Technologies, Continental Steel & Tube Co., Posco America, JFE Steel America, Inc., Klein Steel Service, Tata Steel Minerals Canada Ltd., Cleveland-Cliffs, Inc., Kobe Steel USA Inc., LSI Steel Lamination Specialties, Sumitomo Canada Limited, Union Electric Steel Corporation, and United States Steel Corporation |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electrical Steel Market from 2021 to 2030.
- Market Forecast for Electrical Steel Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electrical Steel competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electrical Steel
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electrical Steel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electrical Steel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ArcelorMittal, ATI, Cleveland-Cliffs Inc., LIBERTY Steel Group, Steel Dynamics, Arnold Magnetic Technologies, Continental Steel & Tube Co., Posco America, JFE Steel America, Inc., Klein Steel Service, Tata Steel Minerals Canada Ltd., Cleveland-Cliffs, Inc., Kobe Steel USA Inc., LSI Steel Lamination Specialties, Sumitomo Canada Limited, Union Electric Steel Corporation, and United States Steel Corporation
Primary Target Market
- Market Players of Electrical Steel
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Electrical Steel market based on the below-mentioned segments:
Global Electrical Steel Market, By Product
Grain-Oriented Electrical Steel
Non-Grain-Oriented Electrical Steel
Global Electrical Steel market, By Application
Transformers
Motors
Inductors
Others
Global Electrical Steel market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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